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Introduction to the Hospitality Industry: What You Should Know about This $4,548 Billion Sector

November 2, 2022

 

Key Takeaways:

  • The COVID-19 pandemic had a large impact on the hospitality industry but reports and research say that it will bounce back to normal levels as soon as 2022.
  • There are four major segments in hospitality: food and beverages, travel and tourism, lodging, and recreation. 
  • Hospitality is a well-rounded industry, dealing with various business principles.

 

A micro-credential program is one way to know more about an industry and how it works. In  this article, we’ll talk about Introduction to the Hospitality Industry.

Read on and learn more about this short program.

Hospitality Is a Growing Industry

Hospitality is a sector that has had its setbacks in the past couple of years. Post-pandemic, it is an industry that is looking at recovery as hotels and other establishments are bouncing back after global restrictions on travel have been lifted. 

On a global scale, the hospitality market is expected to grow from $3,952.87 billion in 2021 to $4,548.42 billion in 2022 at a compound annual growth rate (CAGR) of 15.1% based on the Hospitality Global Market Report 2022. 

At the country level, according to Destination Canada, the hospitality industry contributed around $43.5 billion to Canada’s Gross Domestic Product (GDP) in 2019.  Moreover, Statista reported that 32.44 million international trips were made in the same year, making it the best year for Canadian tourism.

While inbound visitors worldwide decreased by 73% in 2020, Statista reported a slight increase in 2021. Moreover, it’s found that inbound and outbound travelers will get back to normal levels in 2022.

The COVID-19 pandemic left a substantial dent in the hospitality industry. But the good news is that reports and research show that the field is returning to normal levels.

Sectors of Hospitality

There are four major segments in hospitality: food and beverages, travel and tourism, lodging, and recreation. 

The food and beverage sector is considered the largest segment. It comprises businesses that focus on the preparation of meals and drinks for immediate consumption.

Businesses in this sector include restaurants, bars, cafes, coffee shops, and catering services. It’s also a sector that deals with a wide range of customers including locals and tourists.

The travel and tourism sector deals with the movement of people from one destination to another. Planes, buses, trains, and other forms of transportation are all part of this segment.

People also travel for leisure or business purposes and the approach is often different. For instance, a person traveling leisurely spends money on recreation too.

Lodging refers to types of accommodation options often used for various purposes. Businesses in this segment cater to business travelers, leisure travelers, or any client looking for a short- or long-term stay.

Hotels, motels, hostels, and resorts are some of the common businesses that operate in this sector. These businesses offer their services to both individuals and groups of people.

Lastly, recreation encompasses any activity done for relaxation or enjoyment. The goal is to refresh a person’s body and mind as a way to recharge after a tiring week or day.

Recreation covers entertainment industries such as theaters and movies. It also includes social activities like sports and cultural excursions such as museum hopping. 

Hospitality Is a Well-Rounded Field

A hospitality management course introduces students to the social, economic, and environmental concepts within the industry. They’ll also learn about various functions of management and its relationship with other business principles.

Courses like this also revolve around financing management and financial reporting. There will also be people management involved, particularly when overseeing human resources and related activities. 

A micro-credential program in hospitality management entails many comprehensive lessons to prepare future professionals. Here at Eton College, you can earn a certificate in Introduction to the Hospitality Industry in a matter of 40 hours. Contact us today to learn more about this course!

 

Sources:

Destination Canada. (2020, February 21). Canada experiences third consecutive record-breaking year for tourism in 2019. https://www.destinationcanada.com/en/news/canada-experiences-third-consecutive-record-breaking-year-tourism-2019

Lock, S. (2022, February 23). Canada international tourist trips 2021. Statista. https://www.statista.com/statistics/424169/number-of-international-tourist-trips-to-canada/

Statista Research Department,. (2022, February 15). Global tourism: Visitor growth forecast 2024. Statista. https://www.statista.com/statistics/274009/visitor-growth-forecast-for-global-tourism-market/

EHL Insights. Hospitality Industry: All your questions answered, https://www.google.com/search?q=hospitality+industry+how+big&oq=hospitality+industry+how+big&aqs=chrome..69i57j0i22i30l2j0i390l4.8906j0j7&sourceid=chrome&ie=UTF-8

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